Escheatable

In our last post, we mentioned a potential class action against a "digital currency exchange" dealing in Bitcoin and other cryptocurrencies brought by a private plaintiff alleging, among other things, violations of California’s unclaimed property laws.  It appears that specific claim will no longer

In May of 2010, a Jacksonville software developer named Laszlo Hanyecz made the first purchase of real world goods (2 pizzas) using the cryptocurrency Bitcoin.  Since that time, cryptocurrencies – digital currencies that rely upon computerized cryptography to control monetary flow (i.e., the amount

A few weeks ago, the unclaimed property industry was abuzz with the news of California legislation that would implement the Golden State's first Voluntary Disclosure Agreement (VDA) program since 20o2.  VDA arrangements are amnesty programs pursuant to which holders of unclaimed property can self-re

Kentucky Governor Matt Bevin recently signed House Bill 394 into law, which enacts a version of the 2016 Revised Uniform Unclaimed Property Act promulgated by the Uniform Law Commission.  The new law incorporates many of the Uniform Act's structural and procedural changes, including the establishmen

A recent bankruptcy case raising unclaimed property related issues, as described by my colleague, Bradley Lehman, an attorney with MDM&C's Bankruptcy Practice. A recent opinion from the U.S.

According to release from the Delaware Department of Finance, Brenda R.

As we noted earlier, Delaware legislation passed October 1 (effective October 11) commenced a 60 day period during which some holders undergoing Delaware unclaimed property audits have the option of converting that audit to a Voluntary Disclosure Agreement. Unlike a traditional unclaimed property a

On October 1, 2017, the Delaware Department of Finance issued long-awaited unclaimed property regulations, effective October 11.   The new regulations continue the overhaul of the State's unclaimed property program and provide numerous and detailed instructions to both holders and auditors relating

The annual unclaimed property report and remittance deadline is rapidly approaching in a number of states.  For those businesses affected by the 2017 Atlantic Hurricanes, a number of states are offering extensions of the October 31 / November 1 fall reporting deadlines.  In addition, the Unclaimed P

It has been about nine months since the National Conference of Commissioners on Uniform State Laws approved the 2016 Uniform Unclaimed Property Act and recommended it for adoption.  A number of 2016 Uniform Act bills, or state variants thereof, are now working their way through state legislatures; s

Last fall, Pennsylvania amended its unclaimed property law to, among other things,  change the ways that Individual Retirement Accounts (IRAs) are covered by the Act.  Under the former law, IRAs were not required to be turned over to the state unless there was an unclaimed distribution or the IRA ow

Delaware Senate Bill 13 -- implementing certain provisions of the 2016 Uniform Unclaimed Property Act, and making significant change's to the state's unclaimed property practices, was signed by the Governor last week, and is effective immediately.

The unclaimed property community is abuzz regarding new legislation in Delaware that is being touted as a fix for the numerous deficiencies and questionable practices that a federal court vigorously criticized last summer.  The new legislation -- Senate Bill 13 -- is intended to fix the problems ide

‘Twas the night before Fall Reporting, and all through the firm, Everyone in unclaimed property was starting to squirm. Wire transfer instructions were given to disbursements with care, In the hope that remittance confirmations soon would be there.   In state capitols, Treasurers smiled at the

According to the Investment Company Institute, Americans have $5.68 trillion in Individual Retirement Accounts (IRAs).  In a traditional IRA account, a person can make tax deductible contributions to an account that can grow over the years with no tax impact until distribution.  Importantly, individ